Core Viewpoint - The company maintains its earnings forecast for 2025 and 2026, with an upgraded DCF target price of HKD 10.16, reflecting a 35.5% increase and a 3.4% upside potential from the current stock price [1] Pipeline Development - The company's pipeline is progressing steadily, with key products advancing in clinical and registration phases, including: - OT-1001 (Zhiwei Tai) approved for commercialization by the National Medical Products Administration, featuring dual mechanisms for allergy and inflammation [2] - OT-101 (low-concentration atropine) completing a two-year dosing for all subjects, with Phase III clinical unblinding expected by June 2026 [2] - OT-802 (pilocarpine) receiving approval for Phase III clinical trial application, expected to start in early 2026, potentially filling a market gap in innovative drugs for presbyopia [2] - OT-301 (Gepanoprost) achieving primary endpoint in global multi-center Phase III clinical trials, surpassing Latanoprost, and is a potential BIC lowering eye pressure drug [2] - OT-703 (0.19mg fluocinolone vitreous implant) approved for real-world research application in Hainan Boao Lecheng, with patient enrollment completed [2] Commercialization and Sales Network - The company reported a revenue of CNY 294 million for the first half of 2025, a 75.4% year-on-year increase, driven by significant growth in ophthalmic product sales from the Alcon product portfolio and new product launches [3] - The company has established coverage across 21,535 hospitals, including 2,799 tertiary hospitals, with a commercial team exceeding 290 members, achieving a nationwide commercial network layout [3] - The company is actively promoting market access for new products like Zhiwei Tai to enhance market share and brand influence, creating new growth points for performance [3] Production System Enhancement - The company has received production approvals for six products, with commercial batch production progressing smoothly [4] - The localization of the core product Yushi Ying has entered the review and public announcement stage, indicating breakthroughs in supply assurance and cost control [4] - The company's "Oukang Manufacturing" model, leveraging advanced processes and supply chain management from its Suzhou factory, is expected to enhance supply stability and product quality, while improving production efficiency and reducing costs [4]
中金：维持欧康维视生物-B跑赢行业评级 上调目标价至10.16港元